Frequently Answered Questions

We receive many questions every day, and often they have been previously answered. To help you find an answer as conveniently as possible, we have constructed this section listing frequently asked questions. If you cannot find a sufficient answer, you can also contact Open Door Loan directly using the Contact Us page

 

What are the limits on borrowing?

The amount you qualify for is subject to a credit and affordability review. This review will be specific to your circumstances. If future needs call for short-term finance, your payment history with Open Door Loan will be an important factor in determining your eligibility and future loan amount.

What is the procedure for receiving my loan?

If you are approved following credit and affordability review, our friendly staff will speak with you to determine how and when your loan will be funded. Depending upon what time of day your application is approved, funds may be available to you the same day and in nearly all cases by the next banking day. Your own bank’s rules also determine how quickly you can withdraw your money.

Is a short-term loan a good idea for me?

We understand that anyone can find themselves suddenly short of cash. Life has a habit of presenting us with unexpected situations that may require extra money. In your hour of need, Open Door Loan is here to help you fix a short-term cash problem. But remember, short-term loans are not a long-term solution to financial problems, and shouldn't be viewed as an ongoing funding source. So ask yourself: Can I wait until next payday before needing more cash? Do I need a loan for a longer period of time? If either is true, it makes sense to explore alternatives other than a short-term loan, which is an expensive form of credit.

How does Open Door Loan decide whether I am qualified to borrow?

UK residents over 18 years old possessing a valid bank account and receiving steady employment income of at least £750 per month may qualify for a loan. Bad credit does not disqualify you from receiving a loan, however creditowrthiness is taken into account.

I have bad credit what is the likelihood of qualifying for a loan?

The good news is that bad credit does not immediately disqualify you from receiving a loan. We take all of your personal circumstances seriously, including your need for finance and your ability to afford the loan. Our friendly staff is always here to listen and help. You can help yourself by including accurate personal details in your application and in speaking with our staff – the more detailed information you give us, the easier it will be for us to make a timely decision, hopefully in your favour.

I may need some flexibility in repaying or extending my loan is this possible?

We will assess your ability to afford a short-term loan from Open Door Loan based upon your ability to pay back the entire principal and interest on your next due date. Requesting consideration for extending your loan should only be made if your circumstances have changed since your loan approval and you are truly unable to afford the loan payment. If you use short-term loans every pay period, you will find yourself in an unsustainable situation, and should consider other forms of borrowing.

My information changed how do I update it?

Our website has a handy Contact Us page that provides an email address to which you can send the updated information. Once received, we will update your information and send you a confirmation via email.

Apply Now





I have read and agree to the...
website terms of use privacy policy

Existing Customers

  • Get a new loan today
  • Manage your account online

Login Here

"Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please refer to our Privacy policy for important information on the use of cookies. By continuing to use this website, you agree to this.